Follow the author of this article

Follow the topics within this article

Dutch firm TMF is to move its headquarters from Amsterdam to London in the wake of its £1bn float on the London Stock Exchange in a boost for the capital.

The firm said that the move was “a vote of confidence for the UK”, amid concerns that some companies would look to relocate to continental Europe once Britain leaves the European Union.

TMF provides business services such as human resources support and payroll processing to companies that want to expand into new areas, in order to help them navigate unfamiliar employment legislation. It counts Netflix, Toshiba and Volvo among its around 15,000 clients.

TMF acts for clients such as Volvo

The firm said: “Brexit has not been a barrier to the company choosing London, in fact the UK’s exit from the EU could actually present an opportunity to TMF Group, given that business complexity and companies moving across borders are key drivers of its business growth.”

TMF said on Thursday that it was seeking to raise €340m (£303m) from its float, which will be used to pay down debt and reduce its leverage.

It is expected to join the FTSE Index, in what is one of the largest floats on the exchange this year. TMF Group has been majority owned by DH Private Equity Partners, formerly Doughty Hanson, since 2008.

Despite warnings after the referendum result last June that a raft of firms would be forced to leave London, there have yet to be any signs of a mass exodus.

In August, Deutsche Bank has signed a 25-year commitment for a new London headquarters, and other financial institutions have spoken of their desire to stay in the UK, particularly while negotiations around the terms of Brexit are ongoing.

Other overseas firms have also recently committed to new premises in the capital: earlier this year, US consultancy group McKinsey & Co agreed a deal to take a new central London office, moving from its current base.